Proposed Amendment To Convert the Kansas City Board of Trade's Western Natural Gas ``Flat Price'' Futures Contract to a ``Basis'' Future Contract

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The Kansas City Board of Trade (KCBT or Exchange) has submitted proposed amendments to its western natural gas futures contract related to the pricing of the contract. The proposed amendments were submitted under the Commission's 45-day Fast Track procedures which provides that, absent any contrary action by the Commission, the proposed amendments may be deemed approved on November 26, 1999--45 days after the Commission's receipt of the proposals. The Acting Director of the Division of Economic Analysis (Division) of the Commission, acting pursuant to the authority delegated by Commission Regulation 140.96, has determined that publication of the proposals for comment is in the public interest, will assist the Commission in considering the views of interested persons, and is consistent with the purpose of the Commodity Exchange Act.